# Сопутствующие статьи по теме Cash Flow

Новостной центр HTX предлагает последние статьи и углубленный анализ по "Cash Flow", охватывающие рыночные тренды, новости проектов, развитие технологий и политику регулирования в криптоиндустрии.

The Next Stop for Tokens: Does a Project with Cash Flow Really Need to Issue a Token?

Token's Next Stop: Does a Profitable Project Really Need a Token? Projects with clear cash flow, distribution, and compliance path may not need a token. While a Token Generation Event (TGE) can act as a global "accelerator" for growth and attention, it also introduces significant burdens like price expectation management and liquidity coordination. For many projects without real products, TGEs simply become exit strategies, harming the market. Short-to-mid-term token prices are primarily driven by three factors: liquidity, market attention, and token supply structure. The long-term value, however, depends on value capture—whether the token can effectively capture and reflect the protocol's real revenue, as seen in projects like Hyperliquid. Without a clear value accrual mechanism, tokens rely solely on speculation. The future may lie in the "machine economy," where tokens serve as a native settlement layer for autonomous agents (AIs) to pay for services like API calls, enabling pay-per-use models. This could make crypto a fundamental infrastructure for automated transactions. The current market downturn is compared to the dot-com bubble, cleansing the space of low-quality projects. The key is to build real utility and value capture, separating the functions of fundraising (equity) and network incentives (tokens).

marsbit02/24 05:38

The Next Stop for Tokens: Does a Project with Cash Flow Really Need to Issue a Token?

marsbit02/24 05:38

The Endgame for DATs: Liquidation or Self-Rescue?

More than a year ago, becoming a digital asset treasury (DAT) seemed like an easy way for companies to boost their stock prices. They would buy cryptocurrencies, issue shares at a premium to their net asset value (NAV), and use the proceeds to buy more crypto, creating a financial flywheel. However, as the crypto market's total capitalization dropped over 45% in four months, most DATs now trade at a discount to their NAV, breaking this cycle. DATs are not just asset wrappers; they are companies with operational costs. The premium was the product, allowing them to raise cheap capital. Without it, they struggle to fund operations and acquisitions. While some, like MicroStrategy, have cash reserves and an operating business to weather the bear market, newer DATs without sufficient reserves or revenue face significant pressure. They must now prove their operational viability beyond simply holding crypto, as investors question why they should pay a premium for indirect exposure when direct options are cheaper. Survival will depend on managing dilution, debt, and real-world cash flow obligations.

marsbit02/18 01:22

The Endgame for DATs: Liquidation or Self-Rescue?

marsbit02/18 01:22

The Endgame of DATs: Liquidation or Self-Rescue

The article "When DAT Wrapper Cracks" examines the crisis facing Digital Asset Trusts (DATs), which were once popular for boosting stock prices by holding cryptocurrencies. Initially, DATs operated a "financial flywheel": they bought crypto, issued overvalued shares at a premium to NAV (Net Asset Value), used proceeds to buy more crypto, and repeated the cycle. However, with the crypto market down over 45% in four months, most DATs now trade at a discount to their crypto holdings, breaking this mechanism. DATs face operational costs, financing expenses, and legal fees. Without the premium, they can't raise cheap capital by issuing shares, and investors question why they should pay for indirect crypto exposure when direct options are cheaper. While some, like MicroStrategy, have cash reserves and operational businesses to weather the downturn, newer DATs (e.g., BitMine Immersion, Forward Industries) lack sufficient reserves or revenue streams. They rely on staking income, but this doesn't cover fiat obligations like salaries and interest payments. The survival of DATs now depends on their ability to manage dilution, debt, and operational efficiency. Some may need to diversify into cash-generating assets or face liquidation. The bear market will test which DATs can adapt and survive without the premium narrative.

比推02/17 20:07

The Endgame of DATs: Liquidation or Self-Rescue

比推02/17 20:07

No Longer All-in on Volatility: Why I'm Starting to Focus on Crypto Equity-Like Assets

The crypto market is currently experiencing its worst investment environment despite strong infrastructure and regulatory progress, argues Jeff Dorman, CIO of Arca. He criticizes industry leaders for unsuccessfully pushing cryptocurrencies as macro trading tools, which has led to extreme correlation among all crypto assets, eliminating performance dispersion. Dorman highlights that Bitcoin vs. gold debates are often misguided due to differing time horizons, but notes gold’s recent outperformance reveals the failure of appealing solely to macro investors. He advocates for a return to treating tokens as securities-like instruments that represent cash-flow-generating tech businesses—such as DePIN, DeFi, and token issuance platforms—which could attract the massive $600 trillion traditional asset management industry. The article calls for renewed focus on fundamental analysis and differentiation between token types, rather than lumping all “altcoins” together. Dorman urges exchanges and asset managers to educate investors on evaluating tokens based on their underlying value, similar to how ETFs are analyzed.

比推01/29 06:05

No Longer All-in on Volatility: Why I'm Starting to Focus on Crypto Equity-Like Assets

比推01/29 06:05

2025 Crypto Buyback Revelation: When a $138 Million Buy Order Can't Save an 80% Plunge

"2025 Crypto Buyback Report: A $1.38B Buyback Fails to Prevent an 80% Crash" The year 2025 witnessed an "industrial revolution" in crypto fiscal discipline, with on-chain protocols spending over $1.4 billion on token buybacks. This strategy, driven by mature DeFi business models and favorable US regulatory shifts, aimed to reshape tokenomics. However, the outcomes were starkly polarized. Hyperliquid emerged as the dominant success story, allocating over $640 million (nearly 46% of the total market) to buybacks, which fueled a 4x price surge. Its key was a high "Net Flow Efficiency Ratio" (NFER > 3.0), where buyback volume drastically exceeded token unlock sell pressure, creating net deflation. In contrast, major failures demonstrated that buyback size alone is meaningless against structural inflation. Despite a massive $138 million buyback, Pump.fun's token price crashed 80% as the mechanism served as exit liquidity for concentrated whales without lock-ups. Jupiter spent $70 million but faced an overwhelming $1.2 billion in annual unlocks (NFER of 0.06), making its efforts futile. The analysis introduces NFER as the critical metric: Buybacks only positively impact price when the annualized buyback volume surpasses the value of annual unlocks and emissions (NFER > 1.0). Otherwise, they are ineffective or even counterproductive. By early 2026, a strategic pivot occurred. Projects like Helium and Jupiter halted buybacks, recognizing that capital was better spent on user acquisition, subsidies, and building network effects—akin to "growth stocks." Mature protocols with established cash flows, like Optimism, began adopting buybacks to transition from speculation to value. The conclusion is clear: Financial engineering cannot overcome structural inflation. The new paradigm rewards protocols that use cash flow to build real economic moats and achieve genuine net deflation. Investors must now scrutinize NFER, holder structure, and the source of buyback funds.

marsbit01/19 08:37

2025 Crypto Buyback Revelation: When a $138 Million Buy Order Can't Save an 80% Plunge

marsbit01/19 08:37

The Key Value of Munger and Buffett's Long-Term Thinking Model for Web3

The article explores how Charlie Munger and Warren Buffett's long-term investment philosophy can provide critical insights for the Web3 industry. Despite their historical skepticism toward cryptocurrencies, their principles—focusing on intrinsic value, durable business models, and rational risk assessment—are highly relevant to blockchain’s development. The author identifies three key criteria for evaluating Web3 projects: 1. **Real Demand**: Projects should demonstrate genuine utility and organic usage—like Ethereum’s gas fees or user-paid transactions—rather than rely on short-term incentives or artificial metrics. 2. **Sustainable Business Models**: Successful projects exhibit network effects, scalability, and economic moats that allow them to thrive across market conditions, aligning with the concept of compounding value. 3. **Sound Tokenomics**: Tokens should have clear value-accrual mechanisms, such as fee distribution or buybacks, and avoid structural dilution or over-centralization. Additionally, Munger’s emphasis on multidisciplinary thinking and operating within one’s “circle of competence” is crucial for navigating Web3’s complexities. Understanding protocol risks—like governance failures, death spirals, or technical flaws—can prevent significant losses. Ultimately, the piece argues that long-term value creation in Web3 depends on applying time-tested investment principles to filter out speculative noise and identify projects with enduring worth.

marsbit01/14 07:26

The Key Value of Munger and Buffett's Long-Term Thinking Model for Web3

marsbit01/14 07:26

How Do 99% of Non-Profit Web3 Projects Survive?

99% of Web3 projects lack cash flow and survive by relying on token sales and external funding rather than actual revenue. These projects often prioritize early token generation events (TGE) and aggressive fundraising over product development, leading to inflated valuations unsupported by real economic activity. The core issue is the "runway period"—the time a project can operate without revenue. Without sustainable income, projects eventually exhaust their resources and fail. Even marketing efforts become short-term fixes that can't compensate for a non-viable product. A comparison with the top 1% of profitable Web3 projects—which maintain reasonable price-to-earnings (P/E) ratios—highlights the unsustainable valuations of the remaining 99%. The system incentivizes founders to exit early via token unlocks and sales, regardless of project success, while investors bear the losses. This creates a distorted cycle where financial engineering outweighs genuine value creation.

marsbit01/09 03:02

How Do 99% of Non-Profit Web3 Projects Survive?

marsbit01/09 03:02

When Crypto Assets Generate Yields and Stocks Become Collectibles: A Great Migration in Valuation Logic

The article explores the evolving valuation logic of markets, distinguishing between "cash flow markets" (driven by discounted future earnings) and "sentiment markets" (driven by collective belief and speculation). It observes a convergence: traditional assets like stocks are becoming more narrative-driven (e.g., meme stocks), while crypto assets, once purely speculative, are increasingly generating measurable cash flows (e.g., staking yields). This shift is facilitated by changes in the three layers of any market: the underlying asset, the ownership token, and the trading infrastructure. The author argues that liquidity acts as a double-edged sword—beneficial in cash flow markets but potentially destabilizing in sentiment-driven ones. Ultimately, markets are blending into a spectrum from pure cash flow to pure sentiment, driven by technology and new financial instruments, requiring systems that balance measurable value and narrative-driven appeal.

marsbit12/27 03:37

When Crypto Assets Generate Yields and Stocks Become Collectibles: A Great Migration in Valuation Logic

marsbit12/27 03:37

Space Review｜2026 Outpost: Narrative Recedes, Value Flows to Resilient Ecosystems with Real Yield

As 2025 draws to a close, the crypto market is shifting from hype-driven speculation to a focus on sustainable value. The recent SunnPump roundtable, "2026 is Coming, No Laying Flat in Crypto," explored this transition, emphasizing that the path to 2026 depends on ecosystems with real utility and organic demand, not short-term narratives. Experts agreed that the market is moving towards a phase driven by genuine cash flows and capital efficiency. Tron was highlighted as a prime example of a mature "digital financial infrastructure," distinguished by its dominant role in stablecoin settlements. With nearly $80 billion in on-chain USDT circulation—half the global market—and daily stablecoin transfers of $20-24 billion, Tron has built a resilient ecosystem anchored in real-world use cases like payments and lending. Its TVL of ~$24 billion, including $10.4 billion in JUST Protocol, reflects deep liquidity and organic activity. The discussion on DeFi sustainability centered on projects with real revenue generation, not subsidized yields. Protocols like JustLend DAO exemplify this with a diversified income model from staking services and lending, using fees to buy back and burn its JST token, creating a deflationary feedback loop. This aligns protocol success with tokenholder value. Tron’s $204 million in protocol revenue in November 2025, leading all public chains, underscores the power of its real economic activity. In conclusion, the key to enduring market cycles lies in ecosystems like Tron’s that provide essential, high-utility services—low-cost transfers, reliable staking, and lending—forming an organic, self-sustaining financial infrastructure with inherent resilience.

深潮12/24 08:51

Space Review｜2026 Outpost: Narrative Recedes, Value Flows to Resilient Ecosystems with Real Yield

深潮12/24 08:51

2026 Crypto Transformation: Real Profits Trump Storytelling

The crypto market is shifting from narrative-driven growth to a cash flow and sustainability-focused valuation model in 2026. Key drivers include Hyperliquid’s HIP-3 upgrade, which removes technical barriers to launching perpetual markets and enables demand-driven, PvE-style expansion into real-world assets. Projects with real revenue and token value accrual—like Hyperliquid, Pump.fun, Aave, and Jupiter—are leading this transition. Meanwhile, prediction markets (e.g., Polymarket, Kalshi) are emerging as key infrastructure for real-time probabilistic data on events, attracting institutional and AI interest despite regulatory divergence: institutionalization in the West and suppression in Asia. The market is now prioritizing fundamentals over speculation.

marsbit12/22 00:33

2026 Crypto Transformation: Real Profits Trump Storytelling